Tech is splitting clean down the middle today — big cap software ripping, chip names getting wrecked.

Tech is splitting clean down the middle today — big cap software ripping, chip names getting wrecked.

AAPL up 4.01%, sitting at 327.50. Momentum. Intel down 4.43% to 102.99 — that's the worst print in this basket today. AMD down 3.46% to 529.14. Both chip names bleeding together. Oracle up 3.56% to 132.49, quietly one of the cleaner moves in the session. GOOGL up 3.17% to 370.92. META up 3.07% to 681.31. AMZN up 3.02% to 254.96. MSFT up 2.78% to 395.63. Software held the line. Chips did not.

Broadcom up 1.33% to 394.28 — worth flagging. Bank of America up 1.6% to 61.59. JPMorgan up 1.17% to 346.91. Financials quietly tagging along with the risk-on tape. UnitedHealth down 1.57% to 418.52 — not a chip story, separate pressure there.

ETFs: SPY plus 0.40%, IWM plus 0.43%, DIA plus 0.24%. Small caps keeping pace — that's not nothing. QQQ down 0.27%, which makes sense given the chip drag. VIX at 15.67. Nobody's panicking. Gold data unavailable today.

No economic data on the calendar. Nothing to fade, nothing to front-run.

Earnings on deck: ALV reports before the open, consensus at 2.45 per share. BALY reports after the close — street expects a loss of 1.35. ACU, BOTJ, BTM, and CCBC also on the tape. BTM carrying an expected loss of 0.56. Watch ALV if you're in auto parts. Watch BALY only if you like volatility with your evening.

The read on today is simple. Money rotated hard into large-cap software and out of semis. Intel and AMD took the hit while every mega-cap platform name ran. QQQ lagged because the index can't ignore that chip exposure. SPY held because the rest of the market didn't care.

Numbers don't lie. People do. Trade accordingly.